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Baek Byung-yeul

Korea Times K-Culture Reporter

Baek Byung-yeul is a journalist at The Korea Times focused on cultural content, including films and cultural events in South Korea. You can contact him at baekby@koreatimes.co.kr to share your insights.

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Companies

Can Mercedes-Benz fend off challenge from BMW?

Two German luxury auto brands compete hard for top spot in 2022By Baek Byung-yeulHan Sang-yun, CEO of BMW Korea / YonhapMercedes-Benz and BMW are fiercely competing for the most-selling overseas car brand title in the Korean market. To make the year 2022 their year, the two brands said Sunday that they will focus on launching new models that are more luxurious with better performance. According to recent data released by the Korea Automobile Importers & Distributors Association (KAIDA), Mercedes-Benz sold 7,717 cars to top the list in October, followed by BMW with 6,754.Mercedes-Benz seems to have surpassed BMW, but things are different when considered on a yearly basis as BMW sold 64,504 from January to October, slightly more than Mercedes-Benz with 63,791. In percentage terms, BMW and Mercedes-Benz had similar market shares of 28.6 percent and 28.3 percent, respectively.When asked about their sales target for the last two months of the year, both officials from the two German luxury brands didn't share the specific figure, but answered that they are scheduled to launch high-pri

Nov 6, 2022By Baek Byung-yeul
Can Mercedes-Benz fend off challenge from BMW?
Companies

LG Electronics goes all out to promote Busan's Expo bid to Africa

Cho Joo-wan, left, CEO of LG Electronics, poses with Kassim Mjaliwa, prime minister of Tanzania, at the senior official's office in this photo provided by LG, Sunday. The LG Electronics CEO recently visited three African countries including Tanzania, Ivory Coast and Ethiopia to promote Busan City’s bid to host the World Expo 2030. Courtesy of LG ElectronicsBy Baek Byung-yeulLG Electronics has gone all-out to promote Busan's bid to host the World Expo in 2030 as its CEO recently visited three African nations ― Tanzania, Ivory Coast and Ethiopia ― and met officials there to explain why Korea's southern port city is the right fit for the global event, according to the tech company, Sunday.The company said Cho met with government officials in these countries including Kassim Mjaliwa, prime minister of Tanzania and stressed why Busan is the best city for World Expo 2030.Busan is currently competing for the host city spot for the international event with Saudi Arabia and Italy. The host city will be decided in November 2023 by the votes from the member countries of the Bureau Interna

Nov 6, 2022By Baek Byung-yeul
LG Electronics goes all out to promote Busan's Expo bid to Africa
Companies

Yuyu Pharma aims to grow bigger with dry eye, hair loss drugs

Robert Yu, president and CEO of Yuyu Pharma, speaks during a press conference held on the sidelines of the CPHI exhibition in Frankfurt, Germany, Wednesday. Joint Press CorpsBy Baek Byung-yeulFRANKFURT ― Robert Yu, president and CEO of Yuyu Pharma, said Wednesday that his mission is to make the company comparable to prominent biopharmaceutical companies in the world. To that end, he said the Korean company is actively diversifying its portfolio by developing new drugs such as a dry eye treatment as well as hair loss medication.“Yuyu Pharma has two pipelines. One is a dry eye treatment and another one is hair loss medication,” Yu said during a press conference held on the sidelines of the CPHI exhibition in Frankfurt.“We are currently conducting the Phase 2 clinical trial for the new dry eye drug in the United States with 240 patients. The test results will come out in the first half of 2023,” he said.Based on pre-clinical studies, the company said a dose-dependent decrease in several dry eye-associated inflammatory mediators was observed in the cornea and conj

Nov 6, 2022By Baek Byung-yeul
Yuyu Pharma aims to grow bigger with dry eye, hair loss drugs
Companies

Contract manufacturing emerges as new opportunity for Korean bio firms

Jason Lee, left, senior manager of Global Business Division at Yungjin Pharm, explains the company's new drug pipelines to an Indian buyer at the company's booth during the CPHI exhibition in Frankfurt, Germany, Tuesday. Korea Times photo by Baek Byung-yeulBy Baek Byung-yeulFRANKFURT ― The CPHI exhibition has become a place for finding new growth engines for Yungjin Pharm, Daewon Pharmaceutical, Kyongbo Pharm and other small Korean bio companies as they actively try to attract new clients for their contract manufacturing organization (CMO) business, according to the companies, Wednesday.They are all in agreement that developing new drugs or selling the intellectual property of candidates for new drugs to big pharmaceutical companies is the best option to leap forward.However, they added that new drug development is too costly and takes a lot of time with a slim chance of success, which eventually leads them to turn their focus on manufacturing drugs for global biopharmaceutical companies.“Many Korean bio companies are trying to develop new drugs to diversify their business port

Nov 3, 2022By Baek Byung-yeul
Contract manufacturing emerges as new opportunity for Korean bio firms
Companies

New CEO vows to make SK pharmteco leading CDMO player

Joerg Ahlgrimm, the new CEO of SK pharmteco poses at the company's booth during the CPHI bio pharmaceutical exhibition in Frankfurt, Tuesday. Korea Times photo by Baek Byung-yeulBy Baek Byung-yeulFRANKFURT ― Joerg Ahlgrimm, the new CEO of SK pharmteco, vowed Tuesday that his goal as a chief executive is to make the SK Group's contract development and manufacturing organization (CDMO) company one of the best players in the global cell and gene therapy (CGT) CDMO business.“We have technological leadership in the CDMO field and my goal is to create a significant competitive advantage for our customers,” Ahlgrimm told The Korea Times at the company's booth in the CPHI bio pharmaceutical exhibition.SK pharmteco is SK Inc.'s global CDMO subsidiary, having manufacturing facilities in Europe, the United States and Korea. The company has been improving its CDMO capability by acquiring French company Yposkesi in 2021 and becoming the second-largest shareholder of U.S.-based cell and gene therapy CDMO service provider, CBM, this year.The company said it appointed Ahlgrimm as its new

Nov 2, 2022By Baek Byung-yeul
New CEO vows to make SK pharmteco leading CDMO player
Companies

Samsung Biologics highlights essentials for global pharma-CDMO partnerships

Kevin Sharp, vice president and head of Strategic Operations Team and Global Sales Center at Samsung Biologics, speaks during a presentation held on the sideline of the CPhI bio pharmaceutical exhibition in Frankfurt, Germany, Tuesday. Courtesy of SamsungBy Baek Byung-yeulFRANKFURT ― Samsung Biologics, a world's leading contract development and manufacturing organization (CDMO) company that develops and produces drugs for its clients, said the demand for biomedicine will exceed supply from 2026, adding that finding the best partner to outsource production is becoming more important for global pharmaceutical companies, according to its executive, Tuesday.“Research and development are getting more and more complex, so bio tech companies are putting a lot more emphasis in funding. Also supply chains are more difficult and complex with different types of molecules and technologies. But at the same time, the speed of market is critical in terms of bringing new products to the market and increasing pressure to bring these products to the market,” Kevin Sharp, vice president and

Nov 1, 2022By Baek Byung-yeul
Samsung Biologics highlights essentials for global pharma-CDMO partnerships
Companies

Amid pandemic, hybrid work becomes new normal in IT, large firms

An SK Telecom employee works at the company's hub office in Sindorim, southwestern Seoul, April 11. Courtesy of SK TelecomMore firms adopt flexible work to enhance employee welfare, work efficiencyBy Baek Byung-yeulNaver, Line Plus, SK Telecom and many other IT companies here are actively introducing hybrid work models, letting their employees choose among a variety of work models, such as working completely remotely, working at hub offices, or working from home a few days a week while coming to the office on the other days, even now, nearly three years after the COVID-19 outbreak, according to company officials, Tuesday.In early 2020, the pandemic outbreak first led many companies to introduce work-from-home systems in order to continue operating smoothly while protecting employees from getting infected. But since then, diverse hybrid work systems have taken root in Korea, particularly in IT and large companies, reflecting global trends in other advanced countries.In particular, IT companies that don't operate manufacturing facilities said they have increasingly adopted a variety of

Nov 1, 2022By Baek Byung-yeul
Amid pandemic, hybrid work becomes new normal in IT, large firms
Companies

Celltrion seeks new partnerships at CPhI bio exhibition

Seen is Celltrion's promotional booth at the CPhI exhibition in Frankfurt, Germany, Tuesday. Courtesy of Celltrion.By Baek Byung-yeulFRANKFURT ― Celltrion, a Korea-based biopharmaceutical company, is seeking to secure new partnerships at the CPhI bio pharmaceutical exhibition by opening an independent booth, the company said Tuesday.The exhibition is held every year touring major European cities. This year's event is being held in Frankfurt, Germany, for three days through Thursday, providing opportunities for medical experts and company officials to seek partnerships in various fields such as raw materials, consignment services, logistics, packaging and facilities. Celltrion said it installed its own booth at the event venue for the first time to promote its brand and seek more partnerships.At the CPhI, Celltrion aims to beef up its global supply chains and cooperation system while looking for partners for the next pipelines of its antibody biosimilar products, which are leading the European market.The company is also set to begin operation of its third plant that will have an annua

Nov 1, 2022By Baek Byung-yeul
Celltrion seeks new partnerships at CPhI bio exhibition
Companies

Samsung Biologics seeks to expand partnerships at CPhI

Seen is Samsung Biologics' promotional booth at the CPhI bio pharmaceutical exhibition in Frankfurt, Germany, Monday. Courtesy of Samsung BiologicsOver 60 Korean firms join Europe's largest pharmaceutical exhibitionBy Baek Byung-yeulFRANKFURT ― Samsung Biologics and other biotechnology companies in Korea will showcase their technologies and seek more business opportunities with global buyers at this year's CPhI bio pharmaceutical exhibition, according to the companies, Monday. The CPhI is an annual exhibition in the bio pharmaceutical industry held in Europe. This year's event will be held for three days from Tuesday to Thursday in the German city of Frankfurt. The event organizer expects that this year's event will attract more than 40,000 visitors with more than 2,500 companies from 170 countries participating.In addition to Samsung Biologics, over 60 Korean companies, such as Celltrion, SK Pharmteco, Lotte Biologics, Dong-A ST and Yunhan Corporation, take part in the event to promote their technologies in front of global experts and buyers.Samsung Biologics, one of the top compani

Oct 31, 2022By Baek Byung-yeul
Samsung Biologics seeks to expand partnerships at CPhI
Companies

Lee Jae-yong visits partner firm in Gwangju on first day as chairman

Lee Jae-yong, fourth from right in the front row, chairman of Samsung Electronics, poses with employees of Samsung's partner company DK Industrial at DK Industrial's office in Gwangju, Friday. YonhapBy Baek Byung-yeulLee Jae-yong began his first day as chairman of Samsung Electronics, visiting one of its partner companies in Gwangju, about 300 kilometers southwest of Seoul on Friday to show the new chief's willingness to strengthen cooperation and mutual growth with partners. Lee, who was promoted to chairman on Thursday with approval from the board, visited DK Industrial in Gwangju.“Chairman Lee has emphasized his philosophy of growing together with partners to become the world's best company. In line with his thoughts, Lee visited its partner company as his first step since becoming chairman,” a spokesman of Samsung Electronics said.Lee Jae-yong, right, chairman of Samsung Electronics, tours a production line of the company's partner company DK Industrial in Gwangju, Friday. Courtesy of Samsung ElectronicsEstablished in 1993, DK Industrial has been supplying processed i

Oct 28, 2022By Baek Byung-yeul
Lee Jae-yong visits partner firm in Gwangju on first day as chairman
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